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Committee advances bill to extend reinsurance requirements and rename State Fire and Tornado Insurance Fund
Summary
House Bill 524 would extend current reinsurance requirements through 2030 and rename the "State Fire and Tornado Insurance Fund" to the "Commonwealth's Property and Casualty Insurance Fund." The committee passed the bill unanimously.
House Bill 524, proposing to extend reinsurance requirements and to rename the State Fire and Tornado Insurance Fund, passed unanimously in committee and was reported favorably with the committeeexpression that it should pass on the House floor.
Michelle McDaniel, executive director in the Office of the Controller, and Sherry Wissman, director at State Risk, explained the bill would extend existing reinsurance requirements from a July 1 expiration to July 1, 2030, and would rename the fund from the "State Fire and Tornado Insurance Fund" to the "Commonwealth's Property and Casualty Insurance Fund." McDaniel described the underlying fund as the state's self-insurance vehicle for approximately 7,100 buildings with an insured value the witnesses characterized in the transcript as about $36,000,000,000 in property (spoken as "$36,000,000,000 in particular").
Representative Lockett moved the bill with a second by Representative Bray. The committee recorded unanimous support during the roll call and the chair announced the bill passed as reported favorably.
The transcript does not include the bills full statutory amendments or a detailed fiscal exhibit in the excerpt provided; witnesses characterized the change as an extension of existing requirements and a name change to clarify the fund's scope.
